NEW DELHI: India and the United States expect to sign a long-awaited formal trade deal in March, after which New Delhi will reduce tariffs on US goods, Trade Minister Piyush Goyal said on Thursday.
They will issue a joint statement in four or five days, prompting Washington to cut duties on Indian exports to 18% from 50%, he added, laying out the first official timeline for the adoption of the deal since it was unveiled on Monday.
President Donald Trump announced the surprise trade deal with India, which slashes US tariffs on Indian goods in exchange for India putting a halt to Russian oil purchases and lowering trade barriers.
Goyal said India will import at least US$500 billion worth of energy, aircraft and chips, among other purchases from the US over the next five years.
Its orders from companies such as planemaker Boeing could amount up to US$80 billion, he added.
“If you add engines, it will probably cross US$100 billion,” Goyal said.
